Thursday, January 19, 2006

Forex Trade - 01/19/06

9:08 pm EST- No Trades....again!

Well, today was pretty much a tease, and for good reason too. The US Housing starts report was lower than it's previous report which meant a bullish sign for the Euro. However, jobless claims went down signifying a good job market in the US. This was a bearish sign for the Euro. So you can kind of guess what happened today. From about 8:30-9:20 the Euro looked like it would fall past its low but everytime it got down there, the buyers would push it back up. Then the Euro took off and at 10:30 we had an Alba signal but it closed right at the EU high so no trade was entered and we waited for a breakout. The 1040 and 1050 candle looked like they would be good breakout candles but they didn't quite meet our criteria for the Alba breakout so again we did not enter. After that, the market just hung around and really didn't do much. With all this consolidation this week, I'm expecting some kind of movement in the near future. It could be tomorrow or it could be sometime next week. I strongly recommend you visit Pip Diddy's chart analysis for a bigger picture of the Euro at the moment. The big word of the moment is CONSOLIDATION! Hopefully we'll see some sexiness tomorrow. ~Big Pippin

Results: +0

8:00 am EST - Analysis

Good Morning! It's another wonderful day in the world of Forex trading! For those of you who traded Alba yesterday, we didn't get any valid signals or breakouts. Hopefully, it'll be a different story today. Not much in the way of US economic reports. The most notable for today are coming out at 8:30 am EST. We have Initial Jobless claims (measures the number of unemployment insurance claims filed last week), and Housing starts(the number of new family homes built). These aren't really big reports, so I'm not expecting much movement after their release. But like we always say, "the market is always right, and does what it wants to do." So, as always, stay focused, remember the rules of our beloved Alba, and be patient. Good Luck and good trading! ~ PipCrawler

EU Session High: 1.2106
EU Session Low: 1.2059

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